Fat Burger: Files for Chapter 11 Bankruptcy Protection
The fast food chain that totes the slogan, “The Last Great Hamburger Stand” may be taking their branding a bit too literally as of late. Last month, the burger chain defaulted on $3.85 million worth of loans, which led to last week’s filing for Chapter 11 bankruptcy protection. Both California and Nevada locations are under scrutiny, but the 32 locations in both those states will remain open during their loan restructuring. Also, according to our friends over at FFM, Fatburger’s parent company, Fog Cutter Capital Group, “also failed last year to file its 10-K annual earnings report on time, according to the SEC. Following a 30 to 60 day grace period, the company’s stock will be delisted from the NASDAQ-run OTC Bulletin Board”. (PicThx buddydvd)
